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AMERICAS
Blackstone is increasing the size of a commercial mortgage bond offering that will help pay for part of its $10bn acquisition of apartment landlord AIR Communities, Bloomberg reported.
Originally floated as $2bn, the asset manager told investors the offering is being increased to $2.95bn and is now slated to be finalized early next week. The increase is seen as a sign of strong investor demand for at least some properties within the beleaguered US commercial real estate sector.
AIR Communities was advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Joseph A. Coco and Kyle J. Hatton). Blackstone was advised by BMO Capital Markets, Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Societe Generale, Wells Fargo Securities, Simpson Thacher & Bartlett (led by Brian Stadler and Matthew Rogers) and Joele Frank (led by Jonathan Keehner).
Paladin Energy’s top boss says its takeover of Fission Uranium would make it the third-largest publicly traded uranium producer, offering investors an alternative in a sector dominated by two giants, Bloomberg reported.
Paladin would churn out 10% of global uranium output after combining production of its Namibian mine with Fission’s Canadian project when completed, Chief Executive Officer Ian Purdy said in a July 17 interview in Toronto. That would lift Paladin’s ranking by output to third, behind top producer Kazatomprom, which is controlled by the government of Kazakhstan, and Canada’s Cameco.
Fission Uranium is advised by Cantor Fitzgerald, SCP Resource Finance and Blake Cassels & Graydon. Paladin Energy is advised by Macquarie Group, Corrs Chambers Westgarth and Fasken.
Quanta Services, a specialized contracting services company, agreed to acquire Cupertino Electric, an electrical engineering and construction company, for $1.54bn.
"We are excited to announce the acquisition of CEI, a company we have admired for more than a decade, and we welcome CEI's employees to the Quanta family. CEI brings an exceptional management team and a premier craft-skilled workforce that complements Quanta's culture and will create a comprehensive electrical infrastructure solution offering that we believe can facilitate innovative solutions between utilities and large power consumers – from electron generation to transmission to consumption. Further, CEI provides Quanta a low-voltage electrical platform to further diversify and expand our customer base and service offerings. CEI has vibrant end-markets, a strong and visible project backlog and an accretive contribution to Quanta's growth, cash flow conversion, returns and earnings per share," Duke Austin, Quanta President and CEO.
Cupertino Electric is advised by Lazard and Fenwick & West. Quanta Services is advised by King & Spalding and FGS Global (led by Liz James).
Darden Restaurants, a restaurant company, agreed to acquire Chuy's, a Tex-Mex restaurant chain, for $605m.
"We are excited about the opportunity to join the Darden family and its portfolio of well-respected brands. Darden shares many of our same core values, particularly our operating philosophy and strong team member cultures. Together we will accelerate our business goals and bring our authentic, made-from-scratch Tex-Mex to more guests and communities," Steven Hislop, Chuy's Chairman, CEO and President.
Christopher M. George, a prominent leader in the mortgage banking industry, agreed to acquire Greenwoods State Bank, a community bank with personal and business big bank products. Financial terms were not disclosed.
"I look forward to working with the entire Greenwoods team to assist in expanding the bank's footprint and market share in Wisconsin and throughout the Midwest. Together, we will build on the strong foundation established by Greenwoods while continuing to invest in people and technology for the benefit of customers in the communities that Greenwoods serves today. In today's high-rate environment, we are excited to bring innovative products and ideas to help address the challenge of creating better access to affordable housing options and through investments aimed at enhancing the Greenwoods banking experience, we aim to create solutions that will meet ever-changing customer needs," Christopher M. George.
Christopher M. George is advised by RSM International and Sullivan & Cromwell (led by Jared M. Fishman). Greenwoods State Bank is advised by Reinhart Boerner Van Deuren.
Dechra Pharmaceuticals, a global specialist veterinary pharmaceuticals business, agreed to acquire Invetx, a specialist in protein-based therapeutics for animal health, for $520m.
“Invetx’s ability to develop veterinary biotherapeutics with an extended duration of effect and longer inter-dosing intervals represents a significant innovation in animal health. The Invetx products in development have significant potential and will deepen our expertise in core therapeutic areas such as atopic dermatitis and osteoarthritis, allowing for synergistic product development, sales and marketing, and education efforts in the future,” Jesper Nordengaard, Dechra CEO.
Invetx is advised by Bank of America, Latham & Watkins and Kinkead Communications.
Amphenol, a designer, manufacturer and marketer of electrical, electronic and fiber optic connectors, agreed to acquire mobile networks businesses from CommScope, a network infrastructure provider, for $2.1bn.
“We are excited by the prospect of adding CommScope’s mobile networks businesses and their approximately 4k talented employees to the Amphenol family. CommScope provides mobile networks solutions, with advanced technologies in the areas of base station antennas and related interconnect solutions, as well as distributed antenna systems. In particular, we are encouraged that the businesses we are acquiring make up the former Andrew Corporation portfolio of products, a company with a rich history of innovation and technology leadership in the wireless industry. We look forward to supporting customers who are developing next-generation wireless networks around the world with these advanced solutions as well as our own existing complementary products," Adam Norwitt, Amphenol President and Chief Executive Officer.
Ace Hotel brand explores sale after failed deal with Sortis.
Ace Group International, which manages the Ace Hotel brand and has properties areas in New York City as well as in Kyoto and Athens, is exploring strategic options including a sale, Bloomberg reported.
The company is working with an adviser and has begun reaching out to potential buyers. It happened after last year's Sortis offer to buy Ace for $85m, which did not close.
Coatue and General Catalyst back Figma at $12.5bn value. (FS)
An investor group including Coatue Management, Alkeon Capital Management and General Catalyst Partners have invested in Figma as part of a deal that values the design startup at $12.5bn, Bloomberg reported.
The deal comes as the San Francisco-based company is delivering annual recurring revenue of more than $700m, a figure that is projected to surpass $1bn by next year. Yearly recurring revenue stood at about $400m in late 2022.
Dental implant maker Osstem in talks to acquire ZimVie.
Dental implant maker Osstem Implant is in advanced talks to acquire New York-listed peer ZimVie, a global life sciences leader in the dental market, Bloomberg reported.
The discussions follow South Korea-based Osstem submitting a final bid for ZimVie and lining up financing for a potential deal. While the talks are advanced, they could still fall apart and other suitors could emerge.
McKesson, Cencora and Cardinal Health circle Florida Cancer Specialists. (FS)
Several publicly traded drug distributors are vying to buy Florida Cancer Specialists & Research Institute, a privately held operator of oncology clinics, Bloomberg reported.
McKesson, Cencora and Cardinal Health are among the firms that have offered to acquire Florida Cancer Specialists. The company could be valued at more than $3bn.
Hyatt in advanced talks to buy Standard Hotels brand.
Hyatt Hotels is nearing a deal to buy boutique hotel operator Standard International, continuing a run of acquisitions that has helped Hyatt add luxury properties in leisure destinations, Bloomberg reported.
Negotiations between Hyatt and Standard, which operates properties in London, Ibiza, the Maldives and Melbourne, among other places, are in advanced stages. However, the transaction has not been finalized yet, and a deal could still fall through.
QatarEnergy to take part in offshore Chevron-operated Suriname block.
QatarEnergy has signed a deal to acquire a 20% interest in a production sharing contract for an offshore block in Suriname, boosting its participation in the nascent oil-producing country, Reuters reported.
Chevron the operator of Suriname's offshore block 5, will retain a 40% interest, while Paradise Oil Company, an affiliate of Suriname's state oil firm Staatsolie, will own the remaining 40%.
Warner Bros Discovery drafts break-up plan.
Warner Bros Discovery has discussed a plan to split its digital streaming and studio businesses from its legacy television networks as the US media giant behind CNN and HBO weighs options for boosting its sagging share price, FT reported.
Warner Bros CEO David Zaslav was examining several strategic options, ranging from selling assets to transforming its Warner Bros movie studio and Max streaming service into a new company unburdened by most of the group's current $39bn net debt load. The company's share price rose after the announcement.
Insurance distributor TWFG tops IPO goal to raise $187m.
TWFG, a personal and commercial insurance distributor, raised $187m in an initial public offering, pricing its shares above a marketed range, Bloomberg reported.
The Woodlands, Texas-based company sold 11m shares for $17 each after marketing them for $14 to $16 apiece. The share offering comes at a time when the US IPO market is at its strongest since 2021 as investors continue to warm up to new listings.
Morgan Stanley promotes Miles to global M&A head in unit revamp. (People)
Morgan Stanley has elevated a cadre of senior bankers in the first big revamp in its mergers and acquisitions business since Chief Executive Officer Ted Pick took the helm this year, Bloomberg reported.
The overhaul is intended to foster stronger integration between the capital markets and investment banking team. The promotions didn't include any senior women at the US advisory giant, whose top ranks remain dominated by men.
Petco names Joel Anderson as CEO following exit from Five Below. (People)
Petco Health and Wellness named Joel Anderson as its next chief executive, joining a remade executive team and board four months after former CEO Ron Coughlin stepped down from the pet-products retailer, WSJ reported.
"I am excited to join Petco at a pivotal time as we reposition the business for a stronger future. Petco is the leader in pet health and wellness and I see many opportunities to improve performance. I look forward to working closely with Glenn, the leadership team, and the Board of Directors to create value for all our stakeholders," Joel Anderson, Five Below President and CEO.
EMEA
Haier, a home appliances and consumer electronics company, agreed to acquire South Africa's water heater business from Electrolux, a multinational home appliance manufacturer, for $135m.
"The acquisition is an important step in the strategic implementation of Haier Smart Home's development in African market. Leveraging Kwikot's extensive HVAC channel and service coverage, Haier Smart Home will realize synergies in product and supply chain management to expand Kwikot's water heater lineups and unlock potentials in solar water heaters and water purifiers. In addition, Haier Smart Home will also accelerate its refrigerators and laundry businesses with the help of Kwikot's strong local distribution channels," Haier.
Haier is advised by ING Bank and DLA Piper. Electrolux is advised by Societe Generale.
Fnac Darty, an entertainment and leisure products retailer, agreed to acquire the remaining 95.6% stake in Unieuro, a retailer of consumer electronics and household appliances, for €249m ($272m).
"This project is a unique opportunity for Fnac Darty to continue its long-term ambition to consolidate its markets and strengthen its business model at the European level. Our geographical presence would be significantly expanded, and we would support Unieuro in continuing its digitalization and transformation towards more services, in line with our Everyday strategic plan. Ultimately, this project enables us to pursue our collective ambition: to be the essential ally for European consumers, supporting them in sustainable consumption. In a challenging context for our sector, Fnac Darty has also achieved stable results, allowing us to confirm our annual guidance and approach the second half of the year with confidence and determination," Enrique Martinez, Fnac Darty CEO.
Fnac Darty is advised by Rothschild & Co and Credit Agricole.
Diversis Capital, a private equity fund, completed the acquisition of Infotech, a company specialising in infrastructure construction software solutions. Financial terms were not disclosed.
“We’ve been integral to construction management for almost 50 years through our work as the AASHTOWare Project contractor, serving as critical advisors to nearly all state departments of transportation, as well as local agencies and engineering firms across the country. We’ve built a great company with great products and services, and Diversis will now help us accelerate our speed to market, enhance our solutions, and increase value to better serve current customers while also reaching a broader audience," Tom Rothrock, Infotech Co-Founder.
Infotech was advised by Union Square Advisors and Driver McAfee.
Summa Equity-backed NG Group, a provider of circular solutions, agreed to acquire recycling and waste business from Fortum, a state-owned energy company, for €800m ($874m).
“We are very pleased to have found a very suitable new owner that is well positioned to further enhance and drive future growth opportunities for the recycling and waste business. Next to the clean energy transition, material scarcity is one of the biggest societal challenges we need to solve. Now is the right time for the new owner to take over,” Markus Rauramo, Fortum President and CEO.
Summa Equity is advised by Barclays.
Tenaz Energy, a public energy company, agreed to acquire NAM Offshore, offshore assets, from Nederlandse Aardolie Maatschappij, a company that explores, developes and produces oil and gas, for €165m ($180m).
“This acquisition is an important step in our strategy of securing value enhancing acquisitions that have substantial organic investment opportunities. We welcome NOBV’s workforce of highly skilled and experienced professionals who will be critical to the continued success of Tenaz. We are delighted to invest in the revitalization and sustainability of the Netherlands energy industry, and we look forward to establishing our Dutch headquarters near the existing NOBV office in the Netherlands,” Anthony Marino, Tenaz President & CEO.
Tenaz Energy is advised by National Bank Financial.
Merck, a science and technology company, agreed to acquire Unity-SC, a France-based provider of metrology and defect inspection equipment for the semiconductor industry, for €155m ($169m).
"The acquisition of Unity-SC complements our science and technology-driven portfolio for the semiconductor industry. It strengthens our ability to benefit from the growth opportunities of Artificial Intelligence as an integrated solutions provider for our customers in developing next-generation chips," Belén Garijo, Merck Chair of the Executive Board and CEO.
Samsung Electronics, an electronics company, agreed to acquire Oxford Semantic Technologies, an AI and knowledge graph tech start-up from Oxford University. Financial terms were not disclosed.
“We are delighted to be working with Samsung. By integrating Samsung’s expertise in user experience and data with our advanced knowledge graph and reasoning technology, we will provide Samsung’s customers with even more sophisticated personalization. In addition, developing RDFox with Samsung, and being part of the larger group, will provide all of our clients with an even better product, service and support,” Peter Crocker, Oxford Semantic Technologies CEO.
Plenty, a vertical farming company, and Mawarid, a private Saudi investment company, formed a $680m joint venture.
"Mawarid has increasingly focused on adopting cutting-edge technologies in support of the UAE mandate to build innovative food security capabilities. Our global search for a sustainable solution to the challenges we face in the Middle East led us to the incredible team at Plenty. This joint venture enables us to leverage the most advanced farming technology in the world to grow local food supply throughout the GCC, beginning with our home market in Abu Dhabi, while preserving our precious natural resources," Mr. Kashif Shamsi, Mawarid Group CEO.
GE HealthCare, a medical technology company, agreed to acquire clinical artificial intelligence business from Intelligent Ultrasound, a provider of integrated AI-driven image analysis tools designed to make ultrasound smarter and more efficient, for $51m.
"We are pleased to bring innovative technology from Intelligent Ultrasound into GE HealthCare’s Ultrasound portfolio, allowing us to fully integrate these solutions into our systems to help clinicians improve workflow, reduce repetitive tasks, and simplify exams. This technology and the experts who developed it will help enhance our portfolio of AI-enabled devices and accelerate our pace of development of next-generation AI tools," Phil Rackliffe, Ultrasound President and CEO.
Serbia eyes lithium deals with Mercedes, Stellantis and VW.
Serbia will give Mercedes-Benz, Volkswagen and Stellantis the opportunity to purchase lithium for car batteries as the nation prioritises European over Chinese carmakers, Reuters reported.
German Chancellor Olaf Scholz will travel to Serbia for talks with the Serbian president. Critical raw materials for battery supply chains and electric cars will be a key theme.
Temenos weighs sale of fund management unit Multifonds. (FS)
Swiss financial software group Temenos is studying options, including a sale, for its fund management unit Multifonds. Temenos is looking for as much as €600m ($653m) for the offered company, Reuters reported.
Temenos, listed on the SIX Swiss Exchange, has been working with Rothschild and Goldman Sachs to gauge interest in the business. The sale is drawing private equity interest from funds including Montagu Private Equity.
Apax, Bain and CVC exploring potential bids for SoftwareOne. (FS)
Apax Partners, Bain Capital and CVC are exploring potential bids for SoftwareOne three months after the ouster of the Swiss software company's board, Reuters reported.
Talks with interested funds are ongoing, and Jefferies is advising the board on the matter. Shares in SoftwareOne rose as much as 2.6% early on July 18.
Czechs pick South Korea's KHNP over French bid in nuclear power tender.
The Czech government picked South Korea's KHNP to build two new nuclear power units, with the possibility of more, after a lengthy tender aimed at keeping a big role for nuclear power in the country's energy mix for decades, Reuters reported.
Korea Hydro & Nuclear Power was picked over rival French bidder EDF, planning to build two new units at CEZ's Dukovany nuclear plant and possibly discussing an option for two more units at the Temelin power station.
BT's Italian unit said to attract Asterion and Nextalia's interest. (FS)
Private equity firms Asterion Industrial Partners and Nextalia are among potential bidders for BT Group's troubled Italian arm that generated €300m ($328m) of revenue last year, Bloomberg reported.
The buyout funds are preparing to submit indicative offers for BT Italia as a deadline in late July for bids approaches. The divestment attempt comes as the London-listed telecom firm seeks to part ways with its Italian arm after an accounting scandal in 2017 led to a £530m ($690m) provision in its accounts as well as a lengthy trial.
Angola to sell stakes in Standard Bank unit.
Angola will sell stakes in its largest insurer and in the local unit of Standard Bank Group this year, as the oil-producing nation moves ahead with a privatization program to raise cash and diversify the economy, Bloomberg reported.
The disposal of stakes in state-owned insurer ENSA - Seguros de Angola is taking place now, while the sale of the holding in Standard Bank Angola should happen by November, said Angolan Minister of State for Economic Coordination - Jose de Lima Massano.
Grant Thornton UK weighs selling stake to private equity.
Grant Thornton's UK arm is considering a potential stake sale at a time when an influx of investors is accelerating growth in the professional services sector, Bloomberg reported.
Grant Thornton UK, which provides accounting, tax, and advisory services, is working with advisers at Rothschild as it weighs strategic options. The possible stake sale could attract private equity firms and value the business at more than £2bn ($2.6bn).
Championship club Preston North End in talks about ownership review.
One of the founding members of the English football league is working with bankers, including Rothschild, to explore options for its future ownership, Sky News reported.
Football industry sources said the process was not certain to lead to a sale, but indicated that the club's owners could be interested in discussions with prospective buyers who could demonstrate a long-term commitment to its future.
Anglo's plan to sell De Beers complicated by diamond output cut.
Anglo American is looking at more diamond production cuts as the industry continues to struggle, complicating its plan to sell the De Beers unit as part of a radical overhaul of its business.
Anglo announced the restructuring earlier this year as part of a successful rebuttal of a $49bn approach from BHP Group, the world's the biggest miner, Bloomberg reported.
Italy's Angelini eyes major pharma merger to boost drug pipeline.
Italian drugmaker Angelini Pharma is looking at three US biotechs for a potential merger that would expand its global footprint and help it execute an ambitious growth plan, Bloomberg reported.
"The ideal partner would have a pipeline of products in late clinical trials, and have released at least one drug to treat epilepsy, depression or schizophrenia," Sergio Marullo di Condojanni, Angelini CEO.
APAC
Investors are betting that Kirin will need to raise its offer price for Fancl to complete a proposed takeover, as concerns among shareholders that it’s undervaluing the Japanese skincare brand spill into the open, Bloomberg reported.
MY.Alpha Management HK Advisors disclosed a surprise 5.1% stake in Fancl this week, a move seen as being a rallying cry for investors to band together to pressure Kirin into raising its offer price.
Fancl is advised by Ubs. Kirin is advised by Nomura.
Macquarie Asset Management, a global asset manager, completed the acquisition of Genuone, a pharmaceutical CDMO company, from IMM Private Equity, a holding company of leading Korean private capital management firms, for $449m.
GeneOne Science is considered the number one domestic contract development and manufacturing organization for synthetic pharmaceuticals. It was launched by IMM PE in 2020 through the acquisition of Kolmar Korea Pharmaceutical Division and Kolmar Pharma.
IMM Private Equity was advised by Citigroup.
Billionaire Charoen's Thai Beverage to exit Frasers Property.
Thailand's richest person Charoen Sirivadhanabhakdi is seeking to realign his sprawling business empire along clearer lines, as the beverage giant he founded exits a property firm he also controls, Bloomberg reported.
Thai Beverage will offload its entire stake in Singapore-based Frasers Property to an asset holding company also owned by the billionaire. As part of a proposed share swap with TCC Assets, ThaiBev will increase its stake in Singapore-based food and beverage company Fraser & Neave.
India block trades led by global firms reach record $15bn.
International companies are seizing on the strength of India's stock market to offload stakes in local subsidiaries to investors wanting to get in on the action, Bloomberg reported.
About $15bn has been raised in secondary sales or block trades in India this year, a more than 150% surge from the same period in 2023. That's already higher than any previous annual tally. And over $5bn has been raised in initial public offerings, double a year earlier.
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